Measuring living standards with proxy variables

By M. Montgomery, M. Gragnolati, Kathleen Burke, E. Paredes. 2011

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Deconfounding Reinforcement Learning in Observational Settings (2018, background): “A common practice is then to leverage observed proxy variables that contain information about the unobserved confounders (Angrist and Pischke, 2008; Maddala and Lahiri, 1992; Montgomery et al., 2000; Schölkopf et al., 2016).”
Wealth, education and cooking-fuel choices among rural households in Pakistan (2019, background): “The straightforward and simple approach would be to add different durable asset variables and create a uni-dimensional assets index [80], but the downside of this approach is that it provides equal weight to all assets.”
Estimating Wealth Effects Without Expenditure Data—Or Tears: An Application To Educational Enrollments In States Of India* (2001, methodology): “Second, unlike Montgomery et al. (2000), we are not creating an asset index as a proxy for current consumption expenditures.”